IronClad’s pre-feasibility study in SA

June 27, 2008

June 27th (AdelaideNow) – IRONCLAD Mining will start a pre-feasibility study into its Wilcherry Hill iron ore project on the Eyre Peninsula immediately.

The company said today that despite unavoidable delays in receiving assay results from recent resource definition drilling, it was encouraged by “uniformly good assay results” and “exceptional” results from metallurgical testing.

“Commencing the pre-feasibility study now will assist in keeping the proposed mine development on track towards a production start in late 2010,” the company said. “IronClad is conducting a major drilling campaign on the Wilcherry Hill project to extend an existing JORC Code (Australian standards) compliant resource of 44 million tonnes of magnetite… to a target level of 100 million tonnes.”

The Wilcherry Hill project is about 40km north of Kimba on Eyre Peninsula. IronClad said the high level of mineral exploration in South Australia and nationally had caused the delay in mineral assays. IronClad shares were trading 2.3 per cent lower at 85c at 12:00 AEST.